16 January 2014 16:27

The number of bounced cheques last year fell to their lowest level in five years as restrictions on financial transactions limited their use as a form of payment.
According to the latest figures, the number of cheques issued without collateral in 2013 was down to 3,080 from 4,753 the previous year, a drop of 35.2%. 
This was the lowest since 2008, when the number stood at 3,014. 
A Central Bank official told Stockwatch that the use of cheques was down because of restrictions on transactions imposed in the wake of the Eurogroup decisions in March.
Since cheques cannot be cashed but must be deposited, some companies are refusing to use them.
In December 2013, the number of bounced cheques slipped to 236 from 285 in November and 334 in December 2012, a 29.3% drop year on year.
The drop in the number of dud cheques was matched by a decline in their value to €5.7 million from €7.8m in 2012 - the lowest since 2008.
In December, the value was €270,300 from €326,200 in November and €748,800 in December 2012. 
The number of bounced cheques in 2012 reached an all-time high, rising to 4,753 from 3,840 in 2011.


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